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Due to external international forces, including the Russian invasion of Ukraine and COVID-19, [6] and internal forces such as high oil subsidies, economic inefficiencies, and plunging oil prices, [7] Nigeria has sought the assistance of the IMF on several occasions. Since the beginning of Nigeria's relationship with the IMF, it has participated ...
The Nigeria Union of Journalists (NUJ) urged Tinubu to address the dispute with the ASUU. [21] On 25 June 2024, 1,800 petrol stations were shut down in northeastern Nigeria, after the Independent Petroleum Marketers Association of Nigeria (IPMAN) began a strike in protest against an anti-smuggling operation by the Nigeria Customs Service (NCS).
Dr.Jumoke Oduwole is the current Minister of Industry, Trade and Investment, appointed by Nigerian president Bola Tinubu in 2024, While Senator John Owan Enoh serves as the Minister of State for Industry, Federal Ministry of Industry, Trade and Investment. , [2] [3]
In 2005, Nigeria posted a US$26 billion trade surplus, corresponding to almost 20% of gross domestic product. In 2005, Nigeria achieved a positive current account balance of US$9.6 billion. The Nigerian currency is the naira (NGN). As of June 2006, the exchange rate was about US$1=NGN128.4. As of June 2019, it stands at US$1 =NGN357.
Since independence, with Jaja Wachuku as the first Minister for Foreign Affairs and Commonwealth Relations, later called External Affairs, Nigerian foreign policy has been characterised by a focus on Africa as a regional power and by attachment to several fundamental principles: African unity and independence; capability to exercise hegemonic influence in the region: peaceful settlement of ...
To undertake studies of the current economic conditions, with special attention to the export sector to advise the government on necessary policies and measures. To establish specific trade promotion facilities in Nigeria and other countries including the establishment of permanent showrooms at important commercial centers in other countries.
The Lagos Chamber of Commerce & Industry is a non-profit organization that promotes the interests of the business community in Lagos, Nigeria.It provides a platform for businesses to express their opinions and concerns regarding legislative or other measures affecting trade, industry, commerce, and agriculture.
The World Bank has been working with Nigeria to reduce the high rate of poverty, create better human capital, diversify the country's revenue through non-oil sectors, and help with economic management. Up until 2004, the World Bank was slow to release funds and most projects were relatively going slow and have proved unsatisfactory.